The OPEC meeting in Vienna, where the cartel plans to extend oil-production cuts to drive up oil prices is just for show. The real action is taking place right under our noses.
In a joint statement released on Monday, oil ministers from Russia and Saudi Arabia said the present crude oil production reduction agreement reached last November — put in place to raise crude prices — should be extended for another year, even though it is unlikely to work.
Hello, Bakken. Goodbye, OPEC. The latest report from North Dakota’s state oil and gas division showed that crude oil production for March is back up over a million barrels a day, an increase of nearly nine percent since December and almost double what the state produced five years ago, dooming OPEC's clout in the oil industry.
On May 25, OPEC oil ministers will meet in Vienna to decide whether or not its present oil-output-cut agreement should be extended. Either way, OPEC’s doom as the prime determiner of world crude oil prices is likely sealed.
It's comforting to note that TransCanada, the owner of the pipeline, still thinks the project is economically viable after all these years of delays.
With low oil prices hurting Saudi Arabia's ability to pay off its welfare obligations, Fitch Ratings downgraded Saudi Arabia’s credit rating again on Wednesday, bringing it perilously close to “speculative,” from “investment grade.”
A self-imposed economic trap has sprung on OPEC-leading Saudi Arabia, making it apparent that American technology has for all practical purposes ended the OPEC cartel.
OPEC's epic failure to force oil prices higher will end its production cut agreement, and signal the end of the cartel itself.
With crude oil prices dropping despite OPEC's best efforts to raise prices, the day may already be here when oil sheiks can no longer control the price of oil.